| Money in the bank...It is tax season and you're | | | | importantly you have to have every scrap of |
| licking your lips at the prospect of what you're | | | | paper to show the IRS. |
| going to use your tax refund on. You filed your | | | | If you find you do owe the IRS then you will not |
| taxes as soon as you got your W-2 and now all | | | | be getting your refund back. What's worse until |
| you have to do is wait for your refund to come | | | | the debt is paid off any future refunds will |
| in...and wait, and wait, and...where's your refund? | | | | automatically be applied to your IRS tax debt. |
| Bad news... If you were expecting a refund from | | | | Even worse...Is there anything worse than not |
| the IRS and haven't received one you may owe | | | | getting a refund? You could get a tax refund and |
| the IRS money in back taxes. So how can you | | | | then a few months later you receive a letter |
| find out if you owe a tax debt to the IRS? And is | | | | from the IRS stating that you filed your taxes |
| there anyway that you can get your refund if | | | | incorrectly and you need to pay the refund back! |
| you do owe an IRS debt? | | | | It is all gone...What's worse you've already spent |
| Go to the source...You can contact the IRS and | | | | the refund and now you don't have any way to |
| find out if you do owe them and how much you | | | | pay back the IRS the money you owe them. |
| owe. If the debt is from prior tax years then the | | | | ...and recheck...Again you want to get all of your |
| IRS will tell you how far the debt goes back. At | | | | paperwork together and make sure you filed |
| this point they'll probably want to know how you | | | | your return correctly. Make sure you have all |
| intend to pay your debt and ask if you can pay | | | | your evidence to back up any tax deductions or |
| the IRS right now. | | | | tax credits that you claimed. But it's rare for the |
| Tell them nothing...If you do owe a debt, don't | | | | IRS to reverse their decision once they've made |
| answer any questions to the IRS over the phone. | | | | it. |
| The IRS is just like the police, "...anything you say | | | | Up the creek...So you don't have a tax refund, but |
| can be used against you." | | | | instead have a tax debt and the IRS wants their |
| Check and recheck... Get your tax records | | | | money right now! The worst thing you can do is |
| together and make sure the numbers come out | | | | panic. There are a number of solutions available to |
| correct. If you're certain the IRS made a mistake | | | | you for taking care of an IRS tax debt, or if |
| you can appeal the debt and get back your | | | | possible, getting your refund into your pocket. |
| refund. However you have to prove to the IRS | | | | Now you have the smoking gun...Use it! |
| that they made the mistake and not you. More | | | | |